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An Evaluation Of Transformations In Financial Performance Measurement In Terms Of Turkey

Author

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  • Murat Ertugrul

    (Anadolu University)

Abstract

Questions on how to measure financial performance, and the real indicators of correct and real financial performance, have always been an unsolved actual argument in financial economics theory and practice, though they have been discussed for centuries. Accounting based profit measures kept their dominance to measure financial performance for a long time. Indeed, the shortcomings of profit maximization goal have been expressed for more than 200 years. Nevertheless, barely last 40-50 years’ fundamental developments in global economic view and studies in financial economics have transmitted the focus from profit maximization to shareholder value comprehension, or value maximization, in other words. This transformation emerged in developed Anglo-Saxon economies and has been settled there today, on a large scale. Although it can be observed that the main trend in other developed and developing economies is on the same way, the convenience of the new paradigm and metrics especially in developing economies, in recent phase, is still in a dense argument.

Suggested Citation

  • Murat Ertugrul, 2009. "An Evaluation Of Transformations In Financial Performance Measurement In Terms Of Turkey," Anadolu University Journal of Social Sciences, Anadolu University, vol. 9(1), pages 19-46, June.
  • Handle: RePEc:and:journl:v:9:y:2009:i:1:p:19-46
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    File URL: http://www.anadolu.edu.tr/arastirma/hakemli_dergiler/sosyal_bilimler/pdf/2009-1/2009_01_02.pdf
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    More about this item

    Keywords

    financial performance; performance measurement; value-based management; shareholder value; economic value added;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M52 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - Compensation and Compensation Methods and Their Effects
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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